On an 82,000 m² plot, the Parque da Cidade complex is one of the most recent and robust projects delivered in the São Paulo capital in recent years. There are 5 corporate towers, 1 office tower, shopping malls, a hotel, and residential towers, with a park open to the public, jogging tracks, bike paths, restaurants, among other differentials.  

The entire project was first presented by Odebrecht in 2012, with announced investments exceeding 4 billion. With the group's crisis, Odebrecht soon began selling its stakes in the project. After some sales transactions, the corporate towers of the project now integrate the portfolios of different institutions, including PREVI - Caixa de Previdência dos Funcionários do Banco do Brasil, which owns the Jequitibá Tower of the complex, with about 41,689 m².  

Brookfield is the sole owner of the B1 Aroeira towers, with about 45,000 m² and B2 - Paineira, with 44,000 m², and part of the C1 Sucupira Tower, with the other part being part of the BRCR11 fund portfolio (Fii BTG Pactual Corporate Office Fund).  

In the B3 Jatobá Tower, Brookfield owns some floors, while the rest of the asset has floors owned by Prosini Real Estate Consulting, Vortx Distribuidora de Títulos e Valores Imobiliários, and Granadinas Empreendimentos Imobiliários e Participações.  

The towers, which were delivered between 2015 and 2021, have been suffering long periods without tenants. Today, looking at the complex as a whole, the vacancy rate for corporate towers is 46%. In the 2nd quarter of 2021, the period when the last towers were delivered, the vacant space rate in the complex reached over 69%.  

So, is the news that the floors are finally being leased good? Not for the large owners who spent millions acquiring corporate assets in the complex waiting for an income return.  

Floors owned by smaller owners, assisted by smaller companies, such as Granadinas, which owns 9 floors of the B3 Tower, are attracting tenants like Melitta, from the food segment, and Sig Combicloc, from the Packaging segment. 

The reason is the low rental price charged. Today, the Chucri Zaidan region has an average rental asking price of R$102/m² for A+ and A developments. In the Central Business Districts (CBDs) of São Paulo, the average asking price is R$95/m². 

Meanwhile, Melitta's transaction, announced by the RealtyCorp brokerage company, was closed at the value of R$50/m², as registered in the notary's office. "This represents a somewhat unfair competition for groups that invest in the development of corporate ventures, aiming at the quality of the properties, sustainability of the ventures, and quality in occupancy for tenants," laments a corporate tower manager who prefers not to have his name disclosed.